Fitch's recent downgrade of the US credit rating from AAA to AA+ on August 1 caused Bitcoin to reach a peak of $30,000. In 2011, a similar downgrade caused market turbulence, but this time the wider market has remained stable with US stock futures only down by approximately 1%. Despite Treasury Secretary Janet Yellen's dismissal of the downgrade, the event has demonstrated the crypto market's sensitivity to global financial developments.
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